A one day bear market

The market is so strong at the current juncture that it will barely allow a multi day decline to correct the overbought readings. The near term very bearish observation I made yesterday was apparently not meant to be. Even the high volume bearish engulfing we saw on the Nasdaq 100 Index does not seem to be working.

There is still a possibility for more bearishness in the weeks ahead, but so far it is looking like the tape will hold its ground at the current resistance zone.